Investment Rating - The report indicates a positive outlook for the brokerage sector, suggesting that it is currently in a phase of fundamental and valuation mismatch, with expectations for improvement in the first half of the year [2][6]. Core Insights - The brokerage sector has seen a significant increase in allocation by active equity funds, with a quarter-over-quarter increase of 102 basis points, surpassing the three-year average [2]. - The report highlights strong earnings forecasts for 2025, with notable increases in net profits for several brokerages, including a projected 405.3% increase for Guolian Minsheng [2][16]. - The insurance sector is expected to stabilize, with a forecasted recovery in the predetermined interest rate for life insurance products, anticipated to rise to 1.96% in Q1 2026 [2][28]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,702.50 with a decline of 0.62%, while the non-bank index fell by 1.45% [6]. - The brokerage, insurance, and diversified financial indices reported changes of -0.61%, -4.02%, and +3.10%, respectively [6]. Non-Banking Sector Insights - The report notes that the China Securities Regulatory Commission has introduced new guidelines for performance benchmarks for publicly offered securities investment funds, aiming to enhance transparency and accountability [8][10]. - Key announcements from individual companies include China Pacific Insurance reporting an 8.1% increase in premium income for 2025, and Guolian Minsheng forecasting a significant profit increase due to business integration [12][16]. Investment Analysis Recommendations - For brokerages, the report recommends focusing on firms with strong competitive positions, such as Guotai Junan and Citic Securities, as well as those with high earnings elasticity like Huatai Securities [2]. - In the insurance sector, the report maintains a positive medium-term outlook, recommending companies like China Life and Ping An Insurance [2]. Key Data Tracking - As of January 23, 2026, the average daily trading volume was reported at 30,388.36 billion [32]. - The margin trading balance stood at 27,249.13 billion [38].

（编辑 任世碧） 证券日报网讯 1月23日，东北证券在互动平台回答投资者提问时表示，吉林亚泰（集团）股份有限公司 作为公司原始股东，上市前即持有公司股份；公司上市后，亚泰集团通过参与公司非公开发行以及配股 发行等方式，逐步增加持股数量。非公开发行和配股发行的具体定价及发行信息等，详见公司在对应发 行阶段披露的《非公开发行股票发行情况报告及上市公告书》《配股股份变动及获配股票上市公告书》 等相关公告。针对亚泰集团与长发集团、长春市金控签订意向协议拟转让公司股权事项，目前仍在推进 过程中，各相关方持续沟通协商，并积极推进尽职调查等相关工作。公司将持续关注该事项进展，并按 相关规定及时履行信息披露义务。 ...

Core Viewpoint - The brokerage sector's performance has significantly lagged behind the overall market, with a mere 6% increase in the brokerage concept index compared to over 18% gains in major indices like the Shanghai Composite Index in 2025, despite a more than 60% year-on-year increase in net profits for 42 listed brokerages [1][3]. Group 1: Performance Discrepancy - The brokerage concept index underperformed the market, with a 6% increase compared to over 18% for the Shanghai Composite Index and nearly 50% for the ChiNext Index [3]. - Despite a strong year-on-year growth of over 60% in net profits for listed brokerages, their stock prices have not reflected this performance, indicating a stark divergence between earnings and market valuation [3][4]. Group 2: Reasons for Underperformance - The brokerage sector's stock prices often move ahead of actual earnings, leading to a situation where the market has already priced in future growth, resulting in profit-taking when actual results are released [4]. - A structural shift in the A-share market has favored high-growth sectors like technology, causing funds to flow away from traditional cyclical stocks like brokerages, which are perceived as lacking short-term explosive growth narratives [4][5]. - The cyclical and fragile nature of brokerage earnings, heavily reliant on market volatility and trading activity, has diminished their growth appeal, with a significant portion of revenue tied to self-operated businesses [4][5]. Group 3: Investor Sentiment and Strategy - Investors are advised to remain patient and not to rush into buying brokerage stocks without clear catalysts, such as a shift in fund flows back to undervalued cyclical stocks or favorable policy developments [9]. - For investors currently holding brokerage stocks, it is suggested to assess the fundamentals and consider holding or gradually increasing positions in well-capitalized, leading brokerages while being cautious with smaller firms [8][9]. - New investors should focus on long-term trends in the brokerage industry, including financial technology applications and international business expansion, while being selective about which stocks to invest in [9].

（记者 张喜威） 每经AI快讯，太力科技发布公告称，2026年1月21日，太力科技接受东北证券等投资者调研，公司副总 经理、董事会秘书杨亮等参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——特朗普强要格陵兰岛，丹麦一养老基金率先清仓美债，美国资产全线下 跌！欧洲手握"金融核按钮"，双方会"鱼死网破"吗？专家解读→ ...

Group 1 - The core viewpoint of the article is that Changxin Bochuang is expected to achieve a net profit attributable to shareholders of 320-370 million yuan in 2025, representing a year-on-year increase of 344.01%-413.39% [1] - The company's net profit for the fourth quarter is projected to be 95 million yuan, with a quarter-on-quarter increase of 16.25% and a year-on-year increase of 174.89% [1] - The overall performance for the year and the fourth quarter meets expectations, indicating strong financial health [1] Group 2 - Changxin Bochuang is identified as a rare comprehensive provider of optoelectronic interconnection solutions, which positions the company favorably in the market [1] - The long-term stable partnership with Google in the MPO field and the company's strategic layout in active products such as optical modules and AOC are expected to drive significant growth in the data communication business [1] - Revenue projections for 2025-2027 are 3.452 billion, 6.992 billion, and 12.022 billion yuan respectively, with net profits of 370 million, 1.094 billion, and 1.905 billion yuan [1]

Group 1 - Northeast Securities expects a net profit of 1.477 billion yuan in 2025, a year-on-year increase of 69.06% [1] - Gansu Energy anticipates a net profit of 1.95 billion to 2.1 billion yuan in 2025, representing a year-on-year growth of 18.6% to 27.72% [2] - Ningbo Bank reports a projected net profit of 29.333 billion yuan in 2025, with an 8.13% year-on-year increase [3] Group 2 - Qianyuan Power forecasts a net profit of 567 million to 633 million yuan in 2025, indicating a year-on-year growth of 160% to 190% [5] - Batian Co. expects a net profit of 890 million to 980 million yuan in 2025, reflecting a year-on-year increase of 117.53% to 139.53% [6] - Tongfu Microelectronics anticipates a net profit of 1.1 billion to 1.35 billion yuan in 2025, with a year-on-year growth of 62.34% to 99.24% [7] Group 3 - Zhongyuan Nepe expects a net profit of 368 million to 428 million yuan in 2025, representing a year-on-year increase of 80.47% to 109.9% [8] - Huajin Co. predicts a net loss of 1.6 billion to 1.9 billion yuan in 2025, compared to a loss of 2.795 billion yuan in the previous year [9] - Xinghua Co. anticipates a net loss of 420 million to 560 million yuan in 2025, up from a loss of 380 million yuan in the previous year [4] Group 4 - Huayuan Holdings expects a net profit of 107 million to 118 million yuan in 2025, a year-on-year increase of 50.98% to 66.82% [12] - Taishan Petroleum forecasts a net profit of 130 million to 165 million yuan in 2025, indicating a year-on-year growth of 30.88% to 66.11% [13] - Jiuqi Software anticipates a net profit of 40 million to 60 million yuan in 2025, recovering from a loss of 156 million yuan in the previous year [21] Group 5 - Jin Fang Energy expects a net profit of 109 million to 143 million yuan in 2025, reflecting a year-on-year increase of 123.97% to 193.7% [16] - He Sheng New Materials anticipates a net profit of 152 million to 171 million yuan in 2025, representing a year-on-year growth of 55% to 75% [24] - Yuedong Microelectronics predicts a net loss of 340 million to 425 million yuan in 2025 [14] Group 6 - Aibo Medical plans to acquire at least 51% of Demai Medical, with an estimated valuation of the target company not exceeding 1 billion yuan [26] - Zhaoshang Shipping intends to build four 3000TEU container ships with a total investment of no more than 1.324 billion yuan [18] - Zhongtung High-tech's subsidiary has confirmed an increase in mineral resources, adding significant quantities of tungsten and other metals [27]

点评：东北证券2025年业绩预增显著，净利润及总资产规模同步扩张，投资与财富管理业务双轮驱动成 效明显。此利好消息将提振市场对公司盈利能力的信心，对券商板块估值修复形成积极支撑，进而增强 资本市场对非银金融领域的关注热度，有利于整体市场情绪的回暖。 NO.3 净流出超400亿元！宽基ETF成"失血主阵营" 股票ETF延续资金净流出态势，银河证券基金研究中心数据显示，截至1月19日，全市场1307只股票 ETF（含跨境ETF）总规模达4.61万亿元。在近日的震荡行情中，1月19日股票ETF市场净流出资金达 418.23亿元。从大类型来看，行业主题ETF与商品ETF净流入居前，分别达155.04亿元与22.44亿元，宽 基ETF净流出居前，达586.07亿元；规模变化方面，宽基ETF规模下降694.95亿元。 ｜2026年1月21日 星期三｜ NO.1 开年多家上市券商推进股东减持计划 2026年开年以来，上市券商股东减持动作频现，财达证券、国盛证券等多家机构相继披露股东减持计 划，包括产业资本、金融机构及高管等多类股东的减持行为呈现升温态势。近日，越秀资本发布公告 称，公司审议通过《关于出售部分中信证券股份的议 ...

Group 1 - The company expects a positive performance forecast for the period from January 1, 2025, to December 31, 2025, indicating an upward trend in earnings [1] - The company achieved a net profit of 1.477 billion yuan, representing a year-on-year increase of 69.06%, primarily due to increased investment business income and wealth management revenue [2] - As of December 31, 2025, the company's total assets reached 113.429 billion yuan, a growth of 27.41% compared to the beginning of the year, while the equity attributable to shareholders increased by 5.40% to 20.151 billion yuan [2] Group 2 - The company has communicated with its annual audit accounting firm regarding the performance forecast, and there are no disagreements between the two parties [1][2] - The performance forecast data is based on preliminary estimates and may differ from the final figures disclosed in the company's 2025 annual report [4]

（文章来源：证券日报） 证券日报网讯 1月20日，东北证券发布公告称，公司2025年度归属于上市公司股东的净利润147，699.12 万元，比上年同期增长69.06%。 ...

资金面上，该股今日主力资金净流入828.41万元，近5日资金净流出1.78亿元。最新（1月19日）两融余 额14.78亿元，其中，融资余额14.74亿元，环比前一交易日增长1.08%，近5日融资余额累计增长 2.07%。（数据宝） （文章来源：证券时报网） 东北证券（000686）1月20日发布2025年业绩预增公告，预计实现净利润为14.77亿元，净利润同比增长 69.06%。 证券时报·数据宝统计显示，东北证券今日收于9.30元，上涨0.32%，日换手率为1.79%，成交额为3.88亿 元，近5日下跌3.53%。通过对2025年业绩预增50%以上的个股走势进行统计发现，预告发布后当日股价 上涨的占比63.33%，股价发布当日股价涨停的有3家。预告发布后5日股价上涨的占比71.11%。 ...